# In the matter of Ritspin Synthetics Ltd. TP 19 of 2019 {CP(IB) 260 of 2019}

> NCLT judgment dated 2021-06-08. Citation: TCN-2021-NCLT-02014. The case pertains to TP 19 of 2019 [CP(IB) 260 of 2019] before the National Company Law…

- **Court:** NCLT
- **Order date:** 8 Jun 2021
- **Citation:** TCN-2021-NCLT-02014
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ritspin-synthetics-ltd-tp-19-of-2019-cpib-260-of-2019-acb9a00b

## Summary

### Background

The case pertains to TP 19 of 2019 [CP(IB) 260 of 2019] before the National Company Law Tribunal, Indore Bench at Ahmedabad. The matter involves Tirumala Balaji Alloys Pvt Ltd V/s Ritspin Synthetics Ltd. The Financial Creditor sought to withdraw the IB petition.

## Facts

The case involves an insolvency petition filed by a Financial Creditor against Tirumala Balaji Alloys Pvt Ltd. The Financial Creditor sought to withdraw the IB petition, stating that the matter had been settled between the parties. The court received a settlement memo via email and acknowledged the statement made by the Corporate Debtor's counsel confirming the settlement. No one appeared for the Financial Creditor. Learned Counsel Mr. Raheel Patel appeared for the Corporate Debtor. The relevance of the settlement is that it led to the withdrawal of the insolvency petition and the disposal of the case.

## Issues and analysis

### Issue 1: Whether the Financial Creditor's request to withdraw the IB petition should be granted based on the …

**Ratio:** The legal principle applied is that courts generally respect and enforce settlements

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**Reasoning:** The court's reasoning is based on the acknowledgment of the settlement memo received via

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**Interpretation:** The interpretation involves understanding that settlements are a valid means of

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**Application:** In this specific case, the ratio and reasoning are applied by granting

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Respondents:** Tirumala Balaji…

## Timeline

- **2021-06-08 — Order Da…**: The court disposed of TP 19 of 2019 [CP(IB) 260 of 2019] as withdrawn, and all pending…

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